The Income Continuance Plan benefit is calculated as a percentage of your gross salary on the last day you received payment from your school board and is reduced by all or a portion of income you receive from other sources. If you are able to continue to work for a portion of your regular teaching time, the benefit is pro-rated. ICP benefits are non-taxable.
If you are not receiving income from other sources, the monthly benefit for new claims commencing on or between July 1, 2017 and June 30, 2018 is:
- 50% of monthly earnings not exceeding $4,410; plus
- 40% of monthly earnings in excess of $4,410 but not exceeding $13,080; plus
- 30% of monthly earnings in excess of $13,080.
Your ICP benefit will be reduced by all or a portion of any disability benefits you are eligible to receive from the Saskatchewan Teachers’ Disability Benefits Plan as well as disability and retirement benefits from the Canada Pension Plan. You must apply personally for benefits under these programs.
For additional information about the Saskatchewan Teachers’ Disability Benefits Plan, contact the Saskatchewan Teachers’ Superannuation Commission.
Information regarding eligibility for CPP disability benefits and claim forms can be obtained by calling toll-free the CPP at: 1-800-277-9914 or on the Service Canada website. If your claim for CPP disability benefits has been denied, you may be required to appeal or to reapply, especially if your medical condition has deteriorated. It is important that you send a copy of the denial or approval of your CPP disability claim to the Income Continuance Plan.
Your monthly ICP benefit may also be reduced by other income you earn or receive, such as earnings from employment and payments from insurance companies. If you are receiving income from other sources, notify the Income Continuance Plan.
Members whose Income Continuance Plan benefits began on or after July 1, 2003 will have their claims indexed for inflation. In January, benefits are increased by the lesser of 80 percent of the average Canadian Consumer Price Index or investment earnings of the Income Continuance Plan funds in excess of three percent. The increase is pro-rated if you have been in receipt of ICP benefits for less than six months.
Limitations and Exclusions
Limitations apply to the benefit period for teachers considered to be a new member and teachers on a temporary or replacement contract. For full details regarding benefit limitations and exclusions, contact the Income Continuance Plan.
Termination of Benefits
Income Continuance Plan benefits will end on the date which is the earliest of:
- The date you return to work.
- The date you no longer meet the definition of disability under the Plan.
- The date you begin to receive a retirement pension/allowance from a registered pension plan.
- The applicable ICP benefit termination date for new members and teachers on a temporary or replacement contract.
- The last day of the month in which you turn 65.
- The last day of the month in which you reach 35 years of pensionable service.
- The last day of the month in which you die.
Benefits may be terminated if you fail to comply with any request of the Claims Committee.